An unknown buyer entered into an agreement to acquire approximately 1,185 undeveloped net acres in Lea County, New Mexico from Lilis Energy, Inc. (AMEX:LLEX) for $32.7 million on February 12, 2020. Consideration is subject to customary purchase price adjustments. As of February 28, 2020, Lilis Energy completed sale of approximately 1,146 undeveloped net acres in Lea County, New Mexico for net cash proceeds of approximately $24.1 million. Two subsequent installment payments of $1.5 million and $6.25 million remain due on March 16, 2020 and April 14, 2020, respectively. Proceeds will be used to fund a substantial portion of the borrowing base deficiency in revolving credit with the balance to be used for general corporate purposes. Cash proceeds of approximately $24.1 million will be used to fund the first two borrowing base deficiency installment payments under the amended revolving credit agreement aggregating $17.25 million. An unknown buyer completed the acquisition of approximately 1,185 undeveloped net acres in Lea County, New Mexico from Lilis Energy, Inc. (AMEX:LLEX) on February 28, 2020.